.png)
2 months ago
6
Biotech firm Windtree touted itself as the first Nasdaq-listed company to build a BNB treasury. Weeks later, the Securities and Exchange Commission ordered it delisted.
Aug 21, 2025, 6:17 a.m.
Windtree Therapeutics’ high-profile plan to raise up to $200 million for a BNB (BNB) treasury has run headlong into a market reality check: the Nasdaq is kicking it off the exchange.
The Warrington, Pennsylvania-based biotech disclosed in a Tuesday filing that the Nasdaq Capital Market will suspend trading in its shares effective Aug. 21 after the company failed to meet the $1 minimum bid price required under Nasdaq Listing Rule 5550(a)(2).
Windtree expects to transition to over-the-counter trading under its existing symbol “WINT,” though it cannot guarantee that the plan will go through, it said in a filing.
The delisting undercuts Windtree’s July announcement that it would become the first Nasdaq-listed company to build a BNB treasury.
At the time, the company unveiled a $60 million securities purchase agreement with blockchain infrastructure investor Build and Build Corp., with the potential to scale the program to $200 million. Shares surged more than 20% in pre-market trading after the news last month, but the company could not maintain the important $1 mark to maintain its listing.
Windtree's stock slumped through most of late July and August, trading at 48 cents before the delisting announcement.
The move was positioned as an echo of Michael Saylor’s Strategy (MSTR), which has turned its balance sheet into a bitcoin proxy. But unlike Strategy, which remains a Nasdaq bellwether, Windtree will now be relegated to OTC markets, limiting its visibility and institutional reach.
Shares dropped nearly 80% after the company disclosed the delisting order, and closed at 11 cents.
Read more: Biotech Company Windtree to Raise Up to $200M for BNB Treasury
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
More For You
Insiders Cash In Millions as Ye, Formerly Kanye West, 'Apparently' Issues YZY Token
The apparent celebrity-backed token surged thousands of percent at launch, but on-chain data points to concentrated control, insider trades and a liquidity design that leaves retail investors exposed.
What to know:
- YZY Money, a Solana-based memecoin linked to Ye, launched with massive gains but faced controversy over potential insider trading.
- The token's price surged nearly 6,800% before falling below $1, highlighting the speculative nature of Solana's memecoins.
- On-chain data revealed insider access and significant profits for early investors, raising concerns about the fairness of the token's launch.
